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Experts offer retirement savings tips

Retirement plans can be very different person to person based both on their careers and the standard of living they are used to. However, baby boomers gearing up for retirement should all take a few things into consideration during their financial planning.

AARP council member Phyllis Hill Slater shared some tips with NY 1, and he says that one of the most important things to remember is to have a plan that is flexible. There are always a number of things that you can't predict, whether it be fluctuating gas prices or potential sickness.

Regardless of the unexpected changes, most experts say that retirees will need between 80 and 120 percent of their current income in order to maintain their current standard of living. This means a person making $85,000 needs between $68,000 and $120,000 a year to retire comfortably. How you get to this point depends a lot on how you've invested in your 401(k) or IRA.

"Financial planners and advisors have long thought that a well-diversified retirement portfolio can throw off about 4 percent in annual income," SmartMoney.com editor Jeff Nash told the news channel. "So if you have a million-dollar nest egg, you should look for that to generate about $40,000 a year in income."

Of course, wisely investing is easier said than done in a market as volatile as today's. According to Charles Schwab senior vice president Mark Riepe, one of the most important things to remember is to keep contributing to your accounts, even if the market is struggling. Sticking with your investments will typically pay off in the long run.

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